Prediction of IoT traffic in the current era has attracted noteworthy attention to utilize the bandwidth and channel capacity optimally. In this paper, the problem of IoT traffic prediction has been studied, and solutions have been proposed by using machine learning method ARIMA and learning time series algorithms such as LSTM and gated recurrent unit (GRU-NN) based on neural networks. The proposed GRU-NN predicts the traffic on the basis of transfer learning. The advantage of the GRU-NN over LSTM is also highlighted by solving the problem of gradient disappearance. The proposed GRU-NN memorizes the traffic characteristics of the IoT environment for a long time which eventually helps the system to forecast the upcoming traffic from the existing traces of the traffic. The proposed GRU-NN makes use of the transfer learning technique to handle the problem of insufficient IoT traffic data along with the gradient boosting training method for achieving better accuracy in predicting the network traffic in the IoT environment. The results reveal that the proposed GRU-NN model outperforms the other traffic predictors in terms of statistical performance evaluation parameters such as MAE, RMSE, MRE, and MSE. The results show that the GRU-NN provides the most accurate predictions followed by the LSTM predictor and then ARIMA and other approaches taken up for the comparative study.